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Filter: Money laundering
Trustees take note! How to record your beneficial ownership structure

18 April 2023,  André van NiekerkJohnny Davis

In a previous article we unpacked the introduction and meaning of the new ‘beneficial owner’ definition introduced into the law... of trusts by the General Laws (Anti-Money Laundering and Combatting Terrorism Financing) Amendment Act 22 of 2022 (“Amendment Act”). With these changes being effective as of 1 April 2023, trustees should be awake to the proposed process for recording and submitting your trust’s beneficial ownership information to the Master of the High Court. 

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Trustees MUST now report their status! Find out why

30 March 2023,  André van NiekerkJohnny DavisMark le Riche

With major amendments to South Africa’s anti-money laundering framework scheduled to take effect from 1 April 2023 as part of... Government’s strategy to remedy South Africa’s grey listing status, all trustees should take careful note of the new disclosure requirements that will apply to them.

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New disclosure requirements for companies. Comply or risk being deregistered!

22 March 2023,  Dr Candice ReyndersLuhann Prinsloo

In this article we take a look at amendments to the Companies Act 71 of 2008 which introduces new disclosure... requirements. These amendments have been introduced by the recently passed General Laws (Anti-Money Laundering and Combatting of Terrorism Financing) Amendment Act 22 of 2022 (“Amendment Act”) with the new disclosure requirements applying as of 1 April 2023. 

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Companies take note of new beneficial ownership reporting requirements

06 March 2023,  Dr Candice ReyndersLuhann Prinsloo

The General Laws (Anti-Money Laundering and Combatting of Terrorism Financing) Amendment Act 22 of 2022 (“Amendment Act”) was signed into... law late in December 2022 and contains a number of critical measures South Africa hopes to put to use in the fight against money laundering and terrorist financing. In this article we take a look specifically at amendments to the Companies Act 71 of 2008 and the new reporting requirements applicable to companies.

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Alert: South Africa’s grey listing means extensive new compliance requirements!

28 February 2023,  Dr Damian Viviers

The announcement on Friday that South Africa has been grey listed has come as a shock to many South Africans... blissfully unaware of this sword hanging over our heads. For those in the know, grey listing has been unavoidable given the damning reports levelled against weaknesses in our money laundering and financial control framework. But besides hurting our economy the grey listing has also forced government to introduce stricter control measures to correct the shortcomings and hopefully have the grey listing removed over time. And these control measures will affect all businesses and individuals in some way or another.

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Trustees beware! You can now be fined and jailed!

27 February 2023,  André van NiekerkJohnny DavisMark le Riche

Trusts have for some time now been the target of criticism for their alleged use and abuse in the money... laundering environment. The latest challenge to the trust comes in the form of a major amendment to South Africa’s anti-money laundering framework by the General Laws (Anti-Money Laundering and Combatting Terrorism Financing) Amendment Act 22 of 2022 (“Amendment Act”) which holds serious implications for trusts and trustees. In this article we will focus specifically on how the trust form is abused and how the Amendment Act aims to curb such abuse.

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New anti-money laundering amendment legislation to affect companies and trusts

21 February 2023,  Dr Damian Viviers

Major amendments to South Africa’s anti-money laundering framework have almost unnoticed introduced serious changes to the trust and company law... environment, including the addition of hefty fines and jailtime for trustees! So, although these changes have been aimed at the fight against money laundering and terrorism, the real impact of the amendments will be far wider. 

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Compliance Course: Are you the victim of money laundering? | GET 25% OFF

24 August 2020,  Jaco Van den Berg

Although most people have heard of the term ‘money laundering’, there is often confusion as to what exactly money laundering... entails.This leaves many businesses open to the risk of being unknowing victims of money laundering activities, as this could lead to unsuspecting persons and institutions being involved or used in money laundering activities or money laundering transactions in the normal course of their business unknowing that they are engaging in or assisting with money laundering.Although certain businesses and specific business sectors, such as banks, are more vulnerable targets when it comes to money laundering, it is important for all businesses to have an understanding of this concept and to be aware that they could be targets as well.This short course, Money Laundering, written by me as an Associate in the Dispute Resolution Practice Group, will teach you all you learn to know to protect yourself and your business. Special offer:Click here to sign up and use Phatshoane Henney Attorneys' unique discount code, PHI25, to get an instant 25% off!

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